Taking the Optimist's Side of the Tape

Is it the lack of pin action, that elusive term which means that good stocks don't stay up and their action doesn't spill over to other areas?

That was my 200 bowler wife's term for when you seem to have a good roll, and yet the pins that get knocked down don't knock down the others they are supposed to. So when

Intel

(INTC) - Get Report

is up, it doesn't take along

Micron

(MU) - Get Report

, and

Microsoft's

(MSFT) - Get Report

momentary lift doesn't follow through to others.

Yeah, the market doesn't have any oomph today, either. At least not yet. But I see things that make me feel less queasy. Bonds rally on an inventory build.

Greenspan

chooses to focus on something else for a change.

IBM

(IBM) - Get Report

and

Sun Micro

(SUNW) - Get Report

are having some dyn-o-mite runs.

Ingram Micro

(IM)

, a real gutter ball, didn't bring down the score at all!

And the

Fed's Meyer

, a true bad-news bear, didn't say anything to kibosh the market.

OK, glass half-full. But better than empty.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Micron Technology, Intel, Microsoft, IBM and Sun Microsystems. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.